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We focused on driving changes in our menu, restaurants and technology to deliver an enhanced McDonald's experience for our customers around the world," said McDonald's President and Chief Executive Officer Steve Easterbrook.
Our efforts yielded a more streamlined and focused organisation that generated solid fourth quarter and full year results, including our strongest annual global comparable sales growth since along with record franchisee cash flows in many of our major markets.
I am confident that we're on the right path as we pursue our goal of being recognised by our customers as the modern, progressive burger company. Fourth quarter comparable sales declined 1. EnteringMcDonald's U.
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Comparable sales for the International Lead segment increased 2. Fourth quarter comparable sales increased 4. Fourth quarter comparable sales rose These results primarily reflect a gain from the sale of McDonald's Singapore in connection with the Company's refranchising initiatives, as well as improved performance in Japan. Steve Easterbrook concluded, "For McDonald's, was a year of purposeful change as we focused on the key elements of our turnaround plan - strengthening our business to drive long-term sustainable growth by sharpening our focus on our customers, right-sizing our structure and putting the right talent in place to lead the Company into the future.
I'm confident that we are well-positioned to transition to a longer-term focus in We look forward to providing further details on our strategy and financial targets later this quarter. As we begin the first quarter ofwe are mindful of the comparison we face against first quarter results, which benefited from leap yearfavourable weather and continued momentum from All-Day Breakfast in the U. Results for the quarter and year benefited from stronger operating performance, and the year also benefited from higher gains on sales of restaurant businesses, mostly in the U.
Comparable sales represent sales at all restaurants and comparable guest counts represent the number of transactions at all restaurants, whether operated by the Company or by franchisees, in operation at least thirteen months including those temporarily closed.
Some of the reasons restaurants may be temporarily closed include reimaging or remodeling, rebuilding, road construction and natural disasters.
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Comparable sales exclude the impact of currency translation. Comparable sales are driven by changes in guest counts and average check, which is affected by changes in pricing and product mix. Typically, pricing has a greater impact on average check than product mix. Management reviews the increase or decrease in comparable sales and comparable guest counts compared with the same period in the prior year to assess business trends.
Information in constant currency is calculated by translating current year results at prior year average exchange rates. Management reviews and analyzes business results excluding the effect of foreign currency translation and bases incentive compensation plans on these results because they believe this better represents the Company's underlying business trends. This press release should be read in conjunction with Exhibit McDonald's Corporation will broadcast its investor earnings conference call live over the Internet at Central Time on January 23, There will also be an archived webcast available for a limited time thereafter.
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McDonald's Corporation will broadcast its upcoming investor meeting live over the Internet on March 1, McDonald's plans to release first quarter results before the market opens on April 25, and will host an investor webcast. McDonald's is the world's leading global foodservice retailer with over 36, locations in over countries.
This release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in the Company's filings with the Securities and Exchange Commission, including the risk factors discussed in Exhibit The Company undertakes no obligation to update such forward-looking statements, except as may otherwise be required by law.
Dollars and shares in millions, except per share data. To view the original version on PR Newswire, visit: Jan 26, Oct 21, Release contains wide tables. Also from this source Jan 30, Oct 24, Looking to send a news release with PR Newswire? Take advantage of the world's leading distribution platform.
Sign up to get started Request more information Have an account? News in Focus Browse News Releases. Dollars in millions, except per share data. Quarters Ended December 31. Years Ended December 31. Sales by Company-operated restaurants. Revenues from franchised restaurants.
Operating costs and expenses.
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Other operating income expense, net. Total operating costs and expenses. Nonoperating income expense, net. Income before provision for income taxes. Provision for income taxes.
Weighted average shares outstanding-diluted.
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